[PDF] Top 20 Monetary policy, default risk and the exchange rate

... that the ability of monetary policy to control inflation may be hindered in some ...Sargent and Wallace (1981) argue in their seminal article that raising interest rates may lead to increased ... See full document

... large and growing literature on political economic ...partisan and opportunistic models. In partisan models the cycles are generated by the inter- action between nominal rigidities and ... See full document

... during the second semester of 1985, reaching approximately 15% a month, partially as a result of a dry that hit the ...Since the orthodox gradualist approach was rejected, and there would be ... See full document

... is the following one: why make interventions in the foreign exchange market through derivatives if these interventions can take place through the primary market? Since 1999, Brazil adopted an ... See full document

... For the gross debt, the series 4537 of the Time Series Management System (SGS) 9 of the Central Bank of Brazil was ...Since the gross debt series constructed under the new ... See full document

... interest rate smoothness in the celebrated Taylor (1993) ...captures the desire of avoiding abrupt changes in the policy instrument that migh lead to sudden impacts on the ... See full document

... determining risk for two reasons: the first regards a fixed exchange rate scenario (as demonstrated by Andrade and Teles, 2005) in which a drop in reserves would mean an increase in ... See full document

... estimate the dynamic risk exposures for individual funds, the benchmarks as well as for a representative equally-weighted ...time-varying risk exposures to the benchmark’s exposure, ... See full document

... on the second proposition depended on the acceptance of the ...in the end of the 1960s and beginning of 1970s, when, in the United States, the rate of price ... See full document

... (tradable and non tradable) small open economy without physical ...Lucas and Stokey’s [33] seminal work on optimal monetary and Þscal ...policy. The problems of selecting ... See full document

... 2010 and was relatively resolved by the European Central Bank s December 2012 commitment to repurchasing sovereign securities on the secondary market whenever ...in the economic crisis arising ... See full document

... that the results are, in general, in line with our ...First, monetary policy movements are a relevant determinant of flows and move according to the findings in the ...on ... See full document

... before, the ECB influences short term interest rates which have an impact on long term interest rates and through the transition mechanism and as a result of the actions of several ... See full document

... a monetary policy stance largely departs from a strict inflation targeting monetary ...policy. Monetary policy should pursue a wider range of goals far beyond price stability ... See full document

... of the proposed macroeconomic policy regime. In addition to the standard policy objectives of any macroeconomic regime; namely, inflation and employment and activity levels, ... See full document

... of the first people to argue that a flexible exchange rate system is capable of buffing real shocks coming from ...leaving the door open for any macroeconomic variables to smoothly respond to ... See full document

... Flexible exchange rate systems provide greater maneuverability for a country’s fiscal and monetary ...in the foreign- currency value of a government’s primary surplus, while generating ... See full document

... of the market system in the Republic of Macedonia after the independence, it was necessary to decrease the high level of ...was the main purpose of the macroeconomic ... See full document

... Characterizing Undervaluation (or Crises) ... Nurnber of Cases ... Duration of Undervaluations ... Characterizing Reversals and the Effect of Monetary policy ... Unconditional Reversals:[r] ... See full document

... Miranda and Muinhos (2003) sought to determine the equilibrium interest rate for a sam- ple of different countries, placing special emphasis on Brazil, through different ...methods. The ... See full document